ATM cash shortage: We will pènalise any bank found wanting — CBN governor declares

The Central Bank of Nigeria (CBN) has unveiled new measures to tackle the persistent cash shortages at ATMs nationwide.

Speaking at an event in Abuja on Friday, 29th of November 2024, CBN Governor, Olayemi Cardoso, warned that financial institutions involved in malpractice or sabotage would face strict penalties.

According to him,

“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.

To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.

Effective December 1, 2024, customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.

I repeat, financial institutions found engaging in malpractices or sabotage will face severe penalties.

The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”[CONTINUE READING HERE]>>>>